PET - BUY - A Smart Switch to Samsung - Initiation
With the smart phone market in Vietnam about to take-off, we believe that Petrosetco made a smart move in switching from distributing Nokia to Samsung. Samsung has overtaken Nokia in market share worldwide and we expect the same to happen in Vietnam shortly. With its popular range of smart phones and marketing prowess, Samsung is a better partner for Petrosetco. We initiate coverage on PET with a BUY recommendation and a target price of VND28,000.